NAB challenges developers to work on its API

National Australia Bank is calling on third-party developers to use its API to create innovative - and scalable - financial applications over the course of a three-day fintech hackathon.

The weekend hackathon will challenge teams of up to six people to imagine what the management of money will look like in 2020 or to develop an application using NAB's existing resources and API to create a new business opportunity.

The winners will scoop up a $10,000 cash prize and runner-up a $5000 reward. Winning teams will also have the opportunity to work with NAB to commercialise the idea as well as receive mentorship and advice from the NAB Labs and nabAPI teams.

The hackathon, which will take place in late November, marks the first outcome from the bank's recent sponsorship deal with Fishburners, Australia's largest co-working space and home to 176 startups.